Price Cuts at Nzinga Townhouses
Though they haven’t made it very far on construction, the green, modular townhouses in Bed Stuy known as Nzinga and designed by Brooklyn local Garrison Architects has been seeing some price reductions. They started on the market earlier this year for $1.3 million (when we first looked at them), received a chop to $1.2 million…
Though they haven’t made it very far on construction, the green, modular townhouses in Bed Stuy known as Nzinga and designed by Brooklyn local Garrison Architects has been seeing some price reductions. They started on the market earlier this year for $1.3 million (when we first looked at them), received a chop to $1.2 million three months ago, and are now listed at $1.099 million. The houses, if you don’t mind buying on spec, seem pretty cool, and would be a model for future modular projects if they succeed: 2,900-square-foot houses with highly efficient heating, insulation and lighting systems, among other perks. Listed with Corcoran, and the floor plan’s on the jump. Both Curbed and Greenbuildings NYC profiled the houses this week, reporting that construction financing had been secured and that the project should break ground in 2009. One catch: Two of the three houses have to be in contract first (one already is).
Upscale Green Townhouses Coming to Bed Stuy [Brownstoner] GMAP
Actually the developer owns vacant land behind the buildings which will be used as a shared garden and parking for the buildings.
Regarding the likelihood of Bed-Stuy’s restoration, given rising energy and transportation costs, many planners are projecting the net shift in population will be towards built urban environments where people can live and work and play all in the same vicinity, using mass transit if necessary. No more midnight runs in the SUV to a strip mall for a carton of milk. And try finding a good party for under 30 folks in the ‘burbs!
ironically the architect of these modular townhouses, is also the architect doing the reno of restoration plaza.
If they do build on this lot the one on the corner will not have a backyard because that property belongs to someone else and they are not selling .
http://www.propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=734658
It’s really about 90% speculation. Will real estate values go up in the next ten years? Will fringe neighborhoods gentrify more? All signs don’t point to this happening.
I think these houses look interesting for $1MM, I wonder what the break-even price point would be for the builder to still make a decent profit.
Just to keep it real, 905 Halsey is also right across from a school.
The block of NY Avenue is a work in progress. When Restoration Plaza is renovated, a lot can change. Just think what Fort Greene used to be like, say, 10 years ago. Nothing sold for over $200k. It was (and still is by the way) snuggled up against three projects. Likewise Vinegar Hill. But now the Toy Factory, the Oro and the Toren are all selling within two blocks of these same projects.
It’s really about 90% perception.
i think the location is the problem. the properties listed by ‘thisnthat are all on more residential blocks. this developement is literally slated right across the street from restoration plaza and on the side street – not alot of homes or neighbors. there is also a public school across from them and an apartment building. it is not ‘prime’ bed stuy. 404 stuyvesant is hardly a valid comp – it is worlds away in terms of neighborhood feel. this block is right off of Atlantic ave and gets a fair amount of traffic also. i live in bed-stuy and would not want to live on this block.
There have been several sales of well-preserved multi-family existing townhomes within 1/2 mile of the proposed Nzinga site within the past 12 months. Among these are:
272A Halsey two family closed on Jan. 23 for $925,000
47 Halsey four family closed on July 30 for $905,000
343 Jefferson four family closed on Aug. 18 for $950,000
404 Stuyvesant three family closed on April 21 for $1.115 million
11 St. Francis 2 family closed on June 5 for $1.1 million
Of course, a high-end “green” building is a completely different animal. Buildings like this are not designed or intended for investors, but home owners, who plan to stay in the home ten or 15 years. Within that time range, Bed-Stuy should well be another n’hood entirely.
I am speaking as one who took a chance and a bought a 3 family limestone on a shaky block in Park Slope (13th and PPW!) for $79K in 1979. Boy, was that scary!!!!!!!!!!
Of course, one can always take the position that Park Slope is fundamentally different from Bed-Stuy. That’s the position that a lot of Manhattanites took towards the Upper West Side and Park Slope in the 70’s. Those n’hoods were “ghettoes”, right?
First contract is an immediate relative of the developer.
I’m not familiar with this particular block. What’s the typical price for an old two-family townhouse here in good condition with updated mechanicals? $600,000?